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How do you measure the impact of the Pareto principle on your team's performance?

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You may have heard of the Pareto principle, also known as the 80/20 rule, which states that 80% of the results come from 20% of the causes. But how can you apply this principle to your decision-making as a manager? In this article, we will explore how the Pareto principle can help you prioritize your tasks, delegate effectively, and measure your team's performance.

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Cecily Corbin-Gittens

Primerica RVP partner

1 Identify the 20%

The first step is to identify the 20% of the activities, projects, or customers that generate 80% of the value, revenue, or impact for your organization. This may require some data analysis, feedback, or intuition, depending on your context. Once you have a clear picture of what matters most, you can focus your attention and resources on those areas.

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Cecily Corbin-Gittens

Primerica RVP partner
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In my experience in the financial sector, to identify the 20%ers on our team takes about 90 days after they are hired to determine if they have that ability. Initially, they are part of the 100% and have to ultimately to prove themselves to be considered worthy of being the 20%ers. It is necessary to see their performance on the team as well as in the field. They have to exhibit excellence dealing with clients and each other. The approach at selection will differ depending on the industry. In the meantime, the 80%ers left after the selection is made will have either removed themselves or work at a lesser pace.

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2 Eliminate or delegate the 80%

The next step is to eliminate or delegate the 80% of the tasks, problems, or requests that consume 80% of your time, energy, or resources, but only produce 20% of the results. This may involve saying no, setting boundaries, or outsourcing some of the work to others. By doing this, you can free up your capacity and avoid wasting your efforts on low-value activities.

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Cecily Corbin-Gittens

Primerica RVP partner
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After the selection of the 20%, attention is focussed on them and the 80% may have removed themselves from the team or perform at a slower pace. Training is provided for the 20%ers at an ongoing basis, promotions are emphasized based on performance. Not that training is withheld from the others or promotions, but since their pace is slower, the actual improvement and growth are slower.

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3 Communicate the principle to your team

The third step is to communicate the Pareto principle to your team and help them apply it to their own work. You can explain the benefits of focusing on the 20% that matters most, and encourage them to identify and prioritize their own high-value tasks. You can also support them in delegating or eliminating the low-value tasks, and provide them with the tools and feedback they need.

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Cecily Corbin-Gittens

Primerica RVP partner
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With ongoing training and teaching, all of the team members become aware of the Pareto principle, and in our industry we see crossovers of talent. What does that mean? Sometimes the 20%ers fall off for one reason or another, due to personal problems or life challenges, and reciprocally, some 80%ers laggards who have been working hard at improving their status move upward to take their place.

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4 Monitor and adjust the 20%

The fourth step is to monitor and adjust the 20% of the activities, projects, or customers that generate 80% of the results, as they may change over time. You can use metrics, indicators, or surveys to track the performance and satisfaction of your key areas, and identify any gaps, opportunities, or threats. You can also review and update your priorities regularly, and make sure they align with your goals and vision.

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Cecily Corbin-Gittens

Primerica RVP partner
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As mentioned above because of the sector in which we work, there can be a crossover of talent from a 20% down to an 80%er and vice versa. It all depends on activity within the field, how much business is generated, how many clients are helped, the activity generated by Assets Under Management. All of this activity between the 100% of team is clearly monitored, as it impacts on promotion as well.

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5 Celebrate and reward the 20%

The fifth step is to celebrate and reward the 20% of the activities, projects, or customers that generate 80% of the results, as they are the source of your success and growth. You can acknowledge and appreciate the efforts and achievements of your team, and provide them with recognition, feedback, or incentives. You can also share and showcase the impact and value of your work to your stakeholders, customers, or partners.

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Cecily Corbin-Gittens

Primerica RVP partner
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The 20%ers are celebrated as they reach each milestone, and the others at a slower pace. But there is no discrimination as each level is recognized; just that some receive it earlier than others. Open recognition allows for a show of fairness and integrity of the whole team, and is a cohesive factor in great leadership.

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6 Learn and improve from the 20%

The sixth and final step is to learn and improve from the 20% of the activities, projects, or customers that generate 80% of the results, as they are the best source of feedback and learning. You can analyze and reflect on what worked well and what didn't, and identify the key factors, lessons, or best practices that contributed to your success. You can also seek and apply the feedback and suggestions from your team, customers, or peers, and implement changes or improvements to enhance your performance.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you measure the impact of the Pareto principle on your team's performance?

1

2

3

4

5

6

7

1 Identify the 20%

2 Eliminate or delegate the 80%

3 Communicate the principle to your team

4 Monitor and adjust the 20%

5 Celebrate and reward the 20%

6 Learn and improve from the 20%

7 Here’s what else to consider

Decision-Making

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How do you measure the impact of the Pareto principle on your team's performance?

1

2

3

4

5

6

7

1 Identify the 20%

2 Eliminate or delegate the 80%

3 Communicate the principle to your team

4 Monitor and adjust the 20%

5 Celebrate and reward the 20%

6 Learn and improve from the 20%

7 Here’s what else to consider

Decision-Making

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